Initial target investment rate of return. This target will be subject to property,
financing and other general risks. Any target return will not be guaranteed. Returns
are pre tax and post fees.

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The information has been prepared without taking into account your
objectives, financial situation or needs and you should consider if the information
is appropriate for you before making an investment decision. Before making any investment
decision on the basis of any information provided you must read the relevant Information
Memorandum (IM) issued by APN Funds Management Limited (APN) and make your own investigations
regarding the accuracy, reliability and completeness of this information. The IM
referred to can be downloaded via "register your interest" or by contacting
APN on (03) 8656 1000. You should consider the IM for APN’s financial products before
making a decision about APN’s financial products. All views expressed and all projections,
forecasts or statements relating to expectations regarding future events or possible
future performance of the Fund represent APNFM’s and Development Manager’s assessment
and interpretation of information available as at the date of the IM (6 July 2015).
No representation is made or assurance given that such statements views, projections
or forecast are reasonable or correct or that the objectives or prospective returns
of the Fund will be achieved. Recipients and intending investors must determine
for themselves what reliance (if any) they should place on such statements, views,
projections or forecasts and no responsibility is accepted by the APN Steller JV
Group. Intending investors are strongly advised to conduct their own due diligence.